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題名 租稅規避與租稅風險對公司價值的影響
Do tax avoidance and tax risk affect firm value?
作者 柯辰穎
Ko, Chen-Ying
貢獻者 何怡澄<br>郭振雄
Ho, Yi-Cheng<br>Kuo, Jenn-Shyong
柯辰穎
Ko, Chen-Ying
關鍵詞 租稅風險
租稅規避
公司價值
Tax risk
Tax avoidance
Firm value
日期 2021
上傳時間 4-Aug-2021 16:03:47 (UTC+8)
摘要 本研究以1998年至2019年間臺灣的上市櫃公司為研究對象，探討投資人如何評價公司的租稅風險、租稅規避，以及租稅風險和租稅規避的交互作用下對公司價值的影響。研究結果顯示投資人負向評價租稅風險，正向評價租稅規避，而在租稅風險與租稅規避兩者的交互作用下，租稅風險會減弱投資人對於避稅行為的正向評價，因此租稅風險是投資人如何評價公司租稅規避行為的重要決定因素。另本文以四個部份進行敏感性分析。首先利用租稅風險的四個替代指標進行迴歸。接著利用租稅規劃分數(TPS)指標，探討該指標與公司價值之間的關係。此外亦採用不同的方式衡量公司價值。最後採用工具變數法(IV)進行迴歸分析，降低模型存有內生性問題的疑慮。敏感性測試的結果與研究結果相符，驗證本文的研究結果具有穩健性。在國際反避稅浪潮下，租稅風險日益上升，本研究將幫助公司經理人了解投資人如何評價公司的租稅風險，更有助於經理人的決策制定。
This paper examines how investors value tax risk, tax avoidance and how these constructs interact to influence firm value, by using the listed companies in Taiwan from year 1998 to 2019. The results suggest that investors negatively value tax risk, positively value tax avoidance and greater tax risk moderates the positive valuation of tax avoidance. Tax risk, therefore, is an important determinant of how investors value corporate tax avoidance. In sensitivity analyses there are four parts. First, we use four other tax risk proxies to run regressions. Second, we use tax planning score as a measure to examine its relationship with firm value. Third, we use an alternative measurement of firm value. Fourth, we use instrumental variables (IV) techniques to deal with endogeneity concerns. The results of sensitivity analyses go with the results, proving the robustness of our research. Tax risks surge as the world has focused efforts on fighting against tax avoidance. Our research could help corporate managers to understand how investors view corporate tax risk, which may help managers make better decisions.
參考文獻 陳典陞，2014，租稅規避與公司價值，政治大學會計學研究所未出版碩士論文。
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Angrist, J. D., & Krueger, A. B. (2001). Instrumental variables and the search for identification: From supply and demand to natural experiments. Journal of Economics perspectives, 15(4), 69-85.
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Barth, M. E., Kasznik, R., & McNichols, M. F. (2001). Analyst coverage and intangible assets. Journal of Accounting Research, 39, 1-34.
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Bauer, A.M., Klassen, K.J. (2017). Assessing the Market Reaction to Unfavorable Tax Settlements: Using Textual Analysis to Categorize Ambiguous Disclosure. Available at SSRN 2379666.
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Blouin, J., Gleason, C., Mills, L. F., & Sikes, S. (2010). Pre-empting disclosure? Firms’ decisions prior to FIN No. 48. The Accounting Review, 791-815.
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描述 碩士
國立政治大學
財政學系
108255012
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108255012
資料類型 thesis
dc.contributor.advisor 何怡澄<br>郭振雄zh_TW
dc.contributor.advisor Ho, Yi-Cheng<br>Kuo, Jenn-Shyongen_US
dc.contributor.author (Authors) 柯辰穎zh_TW
dc.contributor.author (Authors) Ko, Chen-Yingen_US
dc.creator (作者) 柯辰穎zh_TW
dc.creator (作者) Ko, Chen-Yingen_US
dc.date (日期) 2021en_US
dc.date.accessioned 4-Aug-2021 16:03:47 (UTC+8)-
dc.date.available 4-Aug-2021 16:03:47 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2021 16:03:47 (UTC+8)-
dc.identifier (Other Identifiers) G0108255012en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136582-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財政學系zh_TW
dc.description (描述) 108255012zh_TW
dc.description.abstract (摘要) 本研究以1998年至2019年間臺灣的上市櫃公司為研究對象，探討投資人如何評價公司的租稅風險、租稅規避，以及租稅風險和租稅規避的交互作用下對公司價值的影響。研究結果顯示投資人負向評價租稅風險，正向評價租稅規避，而在租稅風險與租稅規避兩者的交互作用下，租稅風險會減弱投資人對於避稅行為的正向評價，因此租稅風險是投資人如何評價公司租稅規避行為的重要決定因素。另本文以四個部份進行敏感性分析。首先利用租稅風險的四個替代指標進行迴歸。接著利用租稅規劃分數(TPS)指標，探討該指標與公司價值之間的關係。此外亦採用不同的方式衡量公司價值。最後採用工具變數法(IV)進行迴歸分析，降低模型存有內生性問題的疑慮。敏感性測試的結果與研究結果相符，驗證本文的研究結果具有穩健性。在國際反避稅浪潮下，租稅風險日益上升，本研究將幫助公司經理人了解投資人如何評價公司的租稅風險，更有助於經理人的決策制定。zh_TW
dc.description.abstract (摘要) This paper examines how investors value tax risk, tax avoidance and how these constructs interact to influence firm value, by using the listed companies in Taiwan from year 1998 to 2019. The results suggest that investors negatively value tax risk, positively value tax avoidance and greater tax risk moderates the positive valuation of tax avoidance. Tax risk, therefore, is an important determinant of how investors value corporate tax avoidance. In sensitivity analyses there are four parts. First, we use four other tax risk proxies to run regressions. Second, we use tax planning score as a measure to examine its relationship with firm value. Third, we use an alternative measurement of firm value. Fourth, we use instrumental variables (IV) techniques to deal with endogeneity concerns. The results of sensitivity analyses go with the results, proving the robustness of our research. Tax risks surge as the world has focused efforts on fighting against tax avoidance. Our research could help corporate managers to understand how investors view corporate tax risk, which may help managers make better decisions.en_US
dc.description.tableofcontents 第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究流程 4
第貳章 文獻探討 5
第一節 租稅風險 6
第二節 投資人評價 10
第三節 假說建立 13
第參章 研究方法 17
第一節 資料來源與樣本篩選 17
第二節 變數定義 18
第三節 實證模型 26
第肆章 實證結果 29
第一節 樣本敘述統計 29
第二節 實證結果 36
第三節 敏感性分析 39
第伍章 研究結論與限制 69
第一節 研究結論 69
第二節 研究限制 70
參考文獻 72
附錄 80		zh_TW
dc.format.extent 7916103 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108255012en_US
dc.subject (關鍵詞) 租稅風險zh_TW
dc.subject (關鍵詞) 租稅規避zh_TW
dc.subject (關鍵詞) 公司價值zh_TW
dc.subject (關鍵詞) Tax risken_US
dc.subject (關鍵詞) Tax avoidanceen_US
dc.subject (關鍵詞) Firm valueen_US
dc.title (題名) 租稅規避與租稅風險對公司價值的影響zh_TW
dc.title (題名) Do tax avoidance and tax risk affect firm value?en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 陳典陞，2014，租稅規避與公司價值，政治大學會計學研究所未出版碩士論文。
陳明進與蔡麗雯，2006，財稅所得差異決定因素及課稅所得推估之研究，管理學報，23(6)，739-763。
Albrecht, W. D. and F. M. Richardson. (1990). Income Smoothing by Economy Sector. Journal of Business, Finance and Accounting, 17, 713–730.
Amberger, H. (2017). Tax uncertainty and dividend payouts. WU International Taxation Research Paper Series No. 2017-04.
Angrist, J. D., & Krueger, A. B. (2001). Instrumental variables and the search for identification: From supply and demand to natural experiments. Journal of Economics perspectives, 15(4), 69-85.
Artemenko, D. A., Aguzarova, L. A., Aguzarova, F. S., & Porollo, E. V. (2017). Causes of tax risks and ways to reduce them. European Research Studies Journal, vol. 0(3B), 453-459.
Barth, M. E., Kasznik, R., & McNichols, M. F. (2001). Analyst coverage and intangible assets. Journal of Accounting Research, 39, 1-34.
Bartov, E., Givoly, D., & Hayn, C. (2002). The rewards to meeting or beating earnings expectations. Journal of Accounting and Economics, 33, 173-204.
Bauer, A.M., Klassen, K.J. (2017). Assessing the Market Reaction to Unfavorable Tax Settlements: Using Textual Analysis to Categorize Ambiguous Disclosure. Available at SSRN 2379666.
Blouin, J. (2014). Defining and measuring tax planning aggressiveness. National Tax Journal, 67(4), 875-900.
Blouin, J., Gleason, C., Mills, L. F., & Sikes, S. (2010). Pre-empting disclosure? Firms’ decisions prior to FIN No. 48. The Accounting Review, 791-815.
Bodnar, GM. & Weintrop, J. (1997). The valuation of the foreign income of US multinational firms: a growth opportunities perspective. Journal of Accounting and Economics, 24(1), 69-97.
Bratten, B., Gleason, C. A., Larocque, S., & Mills, L. F. (2016). Forecasting taxes: New evidence from analysts. The Accounting Review. Advance online publication. doi:10.2308/accr-51557
Brealey, R., & S. Myers. 1991. Principles of Corporate Finance. Fourth edition. New York, NY: McGraw-Hill, Inc.
Brühne, A. & Schanz, D. (2019). Building Up a Protective Shield: The Role of Communication for Corporate Tax Risk Management. Available at SSRN 3254915.
Bryant-Kutcher, L. A., Guenther D. A. & Jackson, M. (2012). How Do Cross-Country Differences in Corporate Tax Rates Affect Firm Value? Journal of the American Taxation Association, 34 (2), 1-17.
Bulkley, George, Harris Richard D.F., & Herrerias Renata (2004). Why Does Book-to-Market Value of Equity Forecast Cross-Section Stock Returns? International Review of Financial Analysis, 13, 153-160.
Cashman, GD., Gillan SL. & Jun C. (2012). Going overboard? On busy directors and firm value. Journal of Banking & Finance, 36(12), 3248-3259.
Cazier, R. A., Rego, S. O., Tian, X. S., & Wilson, R. J. (2009). Early evidence on the determinants of unrecognized tax benefits. Ryan J., Early Evidence on the Determinants of Unrecognized Tax Benefits (September 14, 2009).
Chung, K. H., & S. W. Pruitt, (1994). A simple approximation of Tobin’s q. Financial Management, 23(3), 70-74.
Ciconte, W., Donohoe, M. P., Lisowsky, P. & Mayberry M. (2016). Predictable Uncertainty: The Relation between Unrecognized Tax Benefits and Future Income Tax Cash Outflows. Available at SSRN 2390150.
Citizens for Tax Justice. (2011). Corporate taxpayers and corporate tax dodgers 2008-2010.
Cook, K. A., Moser, W. J., & Omer, T. C. (2015). Tax avoidance and the ex ante cost of capital (Working paper). Lubbock: Texas Tech University.
Cook, K. A., Moser, W. J., & Omer, T. C. (2017). Tax avoidance and ex ante cost of capital. Journal of Business Finance & Accounting, 44(7-8), 1109-1136.
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dc.identifier.doi (DOI) 10.6814/NCCU202100859en_US